Why ODP Stock Is Plunging 14% Today
Shares of ODP (NASDAQ: ODP) were plunging 14% at 11:13 a.m. ET today after the office supplies retailer announced that on second thought, it was going to keep its consumer retail business.
Best known as the owner of the Office Depot and OfficeMax chains, ODP had been planning to spin off the retail unit into a separately traded company, but then put the idea on hold earlier this year after receiving bids of as much as $1 billion for the unit.
This morning, though, ODP said its board of directors completed its strategic review and decided that after considering all the options, including proposals from potential buyers, it decided to hang on to the consumer business after all.
Source Fool.com
